Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
XXXX W.C. Harding (163)957-3499
June 8, 1988
Dear Sirs:
Re: 1988 RRSP Contribution Limits
This is in reply to your letter of April 27, 1988 wherein you requested our confirmation that in accordance with the provisions of subsection 146(5) of the Income Tax Act (the Act), as presently written, an employee who is a member of a deferred profit sharing plan (DPSP) in 1988 may contribute up to the lesser of $7,500 and 20% of his earned income for the year to an RRSP, if his employer does not contribute to the DPSP in the year but will make a contribution to the DPSP in 1989 in respect of the year.
Provided that the employee is not otherwise subject to the provisions of paragraph 146(5)(a) of the Act, we confirm that the higher contribution limits provided in paragraph 146(5)(b) of the Act will have application in the above-noted circumstances.
We trust that these comments will be of assistance to you.
Yours truly,
for Director Financial Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1988
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© Sa Majesté la Reine du Chef du Canada, 1988
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